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FAIR VALUE OPTION (Tables)
6 Months Ended
Jun. 30, 2014
Summary of Financial Instruments for Which Fair Value Option Has Been Elected

The following table summarizes the financial instruments for which the fair value option has been elected:

 

     June 30,
2014
     December 31,
2013
 

Assets

     

Loans and Receivables

   $ 42,725       $ 137,788   

Equity and Preferred Securities

     91,094         88,568   

Assets of Consolidated CLO Vehicles

     

Corporate Loans

     6,230,918         8,466,889   

Corporate Bonds

     168,426         161,382   

Other

     26,041         41,061   
  

 

 

    

 

 

 
   $ 6,559,204       $ 8,895,688   
  

 

 

    

 

 

 

Liabilities

     

Liabilities of Consolidated CLO Vehicles

     

Senior Secured Notes

   $ 6,407,838       $ 8,302,572   

Subordinated Notes

     474,757         610,435   
  

 

 

    

 

 

 
   $ 6,882,595       $ 8,913,007   
  

 

 

    

 

 

 
Realized and Net Change in Unrealized Gains (Losses) on Financial Instruments on Financial Instruments on Which Fair Value Option was Elected

The following table presents the realized and net change in unrealized gains (losses) on financial instruments on which the fair value option was elected:

 

     Three Months Ended June 30,  
     2014     2013  
     Realized
Gains (Losses)
    Net Change
in Unrealized
Gains (Losses)
    Realized
Gains (Losses)
    Net Change
in Unrealized
Gains (Losses)
 

Assets

        

Loans and Receivables

   $ —        $ —        $ —        $ (154

Equity and Preferred Securities

     (739     796        (605     (2,869

Assets of Consolidated CLO Vehicles

        

Corporate Loans

     (26,393     33,898        3,499        (44,274

Corporate Bonds

     (3,284     3,442        771        (2,070

Other

     (1,703     22,673        537        (497
  

 

 

   

 

 

   

 

 

   

 

 

 
   $ (32,119   $ 60,809      $ 4,202      $ (49,864
  

 

 

   

 

 

   

 

 

   

 

 

 

Liabilities

        

Liabilities of Consolidated CLO Vehicles

        

Senior Secured Notes

   $ (1,554   $ (39,764   $ —        $ (64,042

Subordinated Notes

     —          18,659        —          41,267   
  

 

 

   

 

 

   

 

 

   

 

 

 
   $ (1,554   $ (21,105   $ —        $ (22,775
  

 

 

   

 

 

   

 

 

   

 

 

 

 

     Six Months Ended June 30,  
     2014     2013  
     Realized
Gains (Losses)
    Net Change
in Unrealized
Gains (Losses)
    Realized
Gains (Losses)
    Net Change
in Unrealized
Gains (Losses)
 

Assets

        

Loans and Receivables

   $ —        $ —        $ 43      $ (204

Equity and Preferred Securities

     (1,323     5,914        (1,398     281   

Assets of Consolidated CLO Vehicles

        

Corporate Loans

     (64,635     48,957        43,074        34,872   

Corporate Bonds

     (2,186     3,694        3,653        (5,858

Other

     13,294        19,555        1,426        1,112   
  

 

 

   

 

 

   

 

 

   

 

 

 
   $ (54,850   $ 78,120      $ 46,798      $ 30,203   
  

 

 

   

 

 

   

 

 

   

 

 

 

Liabilities

        

Liabilities of Consolidated CLO Vehicles

        

Senior Secured Notes

   $ (4,092   $ (95,638   $ —        $ (291,953

Subordinated Notes

     —          55,614        —          78,009   
  

 

 

   

 

 

   

 

 

   

 

 

 
   $ (4,092   $ (40,024   $ —        $ (213,944
  

 

 

   

 

 

   

 

 

   

 

 

 
Information for Financial Instruments on Which Fair Value Option was Elected

The following table presents information for those financial instruments for which the fair value option was elected:

 

     June 30, 2014  
           For Financial Assets
Past Due (a)
    For Financial Assets
with Non-Accrual Status
 
     Excess
(Deficiency)
of Fair Value
Over Principal
    Fair
Value
     Excess
(Deficiency)
of Fair Value
Over Principal
    Fair
Value
     Excess
(Deficiency)
of Fair Value
Over Principal
 

Loans and Receivables

   $ (1,177   $ —         $ —        $ —         $ (1,703

Assets of Consolidated CLO Vehicles

            

Corporate Loans

     (134,252     12,674         (32,038     —           —     

Corporate Bonds

     2,911        —           —          —           —     
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 
   $ (132,518   $ 12,674       $ (32,038   $ —         $ (1,703
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 

 

     December 31, 2013  
           For Financial Assets
Past Due (a)
    For Financial Assets
with Non-Accrual Status
 
     Excess
(Deficiency)
of Fair Value
Over Principal
    Fair
Value
     Excess
(Deficiency)
of Fair Value
Over Principal
    Fair
Value
     Excess
(Deficiency)
of Fair Value
Over Principal
 

Loans and Receivables

   $ (533   $ —         $ —        $ —         $ —     

Assets of Consolidated CLO Vehicles

            

Corporate Loans

     (281,254     57,837         (176,379     —           —     

Corporate Bonds

     (1,789     —           —          —           —     
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 
   $ (283,576   $ 57,837       $ (176,379   $ —         $ —     
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 

 

(a) Corporate Loans and Corporate Bonds within CLO assets are classified as past due if contractual payments are more than one day past due.